Global Hydrocarbon Market Size To Worth Exceed USD 99872.73 Million By 2033 | CAGR Of 3.24%

The Global Hydrocarbon Market Size was Valued at USD 72578.42 Million in 2023 and the Worldwide Hydrocarbon Market Size is Expected to Reach USD 99872.73 Million by 2033, according to a research report published by Spherical Insights & Consulting. Companies Covered: Reliance Industries Limited, Dow, Shell Plc, DuPont, Manali Petrochemicals Limited, Exxon Mobil Corporation, China Petrochemical Corporation, Indian Oil Corporation Ltd., TotalEnergies, Indian Oil Corporation Ltd., Chevron Corporation, LyondellBasell Industries Holdings B.V, Eastman Chemical Company, Celanese Corporation, SASOL, Recochem Corporation and other key vendors.

New York, United States , June 04, 2024 (GLOBE NEWSWIRE) — The Global Hydrocarbon Market Size is Expected to Grow from USD 72578.42 Million in 2023 to USD 99872.73 Million by 2033, at a CAGR of 3.24% during the forecast period 2023-2033.


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Hydrocarbons are organic compounds that purely have hydrogen and carbon atoms. They are one of the most basic and plentiful forms of organic molecules, acting as the foundation for the synthesis of more complicated organic compounds. Hydrocarbons are found naturally in crude oil, natural gas, and coal, but they can also be synthesised using some chemical processes. For instance, on March 14, 2024, Larsen & Toubro (L&T)’s Hydrocarbon Business, L&T Energy Hydrocarbon, won a major contract for a gas pipeline project from a well-known Middle Eastern client. The project’s scope comprises the design, procurement, and construction of two new 56-inch pipes, as well as scraper receivers and launchers, and mainline isolation valve (MLIV) stations that run parallel to the existing pipeline path. Hydrocarbons’ versatility and high energy density make them useful for a variety of applications, including synthetic rubber, feedstock in petrochemical facilities, and chemicals. They are also used as fuel for heating, cooking, and drying; as additions in the production and transportation of motor petrol; and as diluent in the transportation of heavy crude oils. However, hydrocarbon prices are very volatile because of reasons such as supply-demand imbalances, geopolitical tensions, and currency fluctuations. This can invest and plan to compete with enterprises in the hydrocarbon sector. New technologies, like as electric vehicles and hydrogen fuel cells, have the potential to disrupt long-term hydrocarbon consumption.

Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the  “Global Hydrocarbon Market Size, Share, and COVID-19 Impact Analysis, By Type (Aliphatic, Aromatic), By Application (Pharmaceuticals, Energy, Industrial, Mobility, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”

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The aromatic segment is expected to hold the largest share of the global hydrocarbon market during the anticipation timeframe.   
Based on the type, the global hydrocarbon market is categorized into aliphatic, and aromatic. Among these, the aromatic segment is expected to hold the largest share of the global hydrocarbon market during the anticipation timeframe. Considering the devastating environmental effects of using aromatic hydrocarbons as a primary source of energy, attempts to shift away from them and towards other energy sources such as solar, nuclear, wind, and geothermal power have grown substantially.
             
The energy segment is expected to grow at the fastest CAGR during the anticipation timeframe.   
Based on the application, the global hydrocarbon market is categorized into pharmaceuticals, energy, industrial, mobility, others. Among these, the energy segment is expected to grow at the fastest CAGR during the anticipation timeframe. Hydrocarbons are extremely flammable and constitute the world’s principal energy source. Its uses include gasoline, jet fuel, propane, kerosene, and diesel, to name a few.

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Asia Pacific is projected to hold the largest share of the global hydrocarbon market over the anticipation timeframe.

Asia Pacific is projected to hold the largest share of the global hydrocarbon market over the anticipation timeframe. This can be attributable to growing demand for hydrocarbon solvents in developing nations such as China and India. Asia Pacific is also a market leader in practically every hydrocarbon solvent end-use application. The region’s end-use industries are expected to grow quickly in the near future.

North America is expected to grow at the fastest CAGR growth of the global hydrocarbon market during the anticipation timeframe. because of the country’s developing paint and coatings, automotive, and building and construction industries. The Canadian market is likely to increase steadily over the forecast period, owing to the existence of small and medium-sized manufacturers across the country.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Hydrocarbon Market Includes Reliance Industries Limited, Dow, Shell Plc, DuPont, Manali Petrochemicals Limited, Exxon Mobil Corporation, China Petrochemical Corporation, Indian Oil Corporation Ltd., TotalEnergies, Indian Oil Corporation Ltd., Chevron Corporation, LyondellBasell Industries Holdings B.V, Eastman Chemical Company, Celanese Corporation, SASOL, Recochem Corporation and Other Key Vendors.

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 Recent Developments

  • On January 2024, Agrify Corporation, a leading developer of advanced cannabis cultivation and extraction solutions, said today that it has signed a multimillion-dollar sales agreement with Ocean Deep/Golden Lake Business Park, a vertically integrated cannabis operator based in California. Ocean Deep will use Agrify’s entire PX30 Hydrocarbon Extraction Lab Package to broaden its product offerings. Ocean Deep is also set to start operations in 2024, with the company selling approximately 120 Vertical Farming Units to create high-quality cannabis flower.

Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global hydrocarbon market based on the below-mentioned segments: 

Global Hydrocarbon Market, By Type

  • Aliphatic
  • Aromatic

Global Hydrocarbon Market, By Application

  • Pharmaceuticals
  • Energy
  • Industrial
  • Mobility
  • Others

Global Incinerator Market, Regional Analysis

North America

    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Uk
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of Middle East & Africa

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